Petrosol CEO Michael Bozumbil explains how trust fuelled company’s growth

Petrosol CEO Michael Bozumbil attributes the company's rapid expansion in Ghana's competitive petroleum industry to three core principles: trust, integrity and financial discipline. From its inception, Petrosol established a values-based business model, which became the foundation for its growth. Bozumbil emphasized that this approach attracted suppliers, banks and other partners who trusted the company implicitly.

With limited initial capital, suppliers were willing to provide products to Petrosol without requiring any collateral or guarantees, as the company's reputation guaranteed their supply. This trust in Petrosol served as a crucial foundation for the company's expansion. However, Bozumbil stressed that trust alone was not sufficient.

The firm complemented its reputation with strict financial discipline, robust governance and comprehensive risk management systems. By implementing systems to ensure the timely repayment of extended credit, Petrosol demonstrated its commitment to financial responsibility. Over the past 12 years, this approach has solidified Petrosol's reputation for creditworthiness within the industry.

Consequently, banks have continued to support the company's expansion into retail infrastructure, confident in its financial record. Furthermore, Petrosol's compliance with regulations has earned recognition from the Ghana Revenue Authority, exempting the company from the typical requirement of an insurance bond before lifting petroleum products.

Bozumbil's message is clear: the company's strong reputation, built on trust, integrity and disciplined financial management, has been instrumental to its success in the competitive Ghanaian petroleum sector.